An analysis from the Congressional Budget Office estimates that the $21.4 billion in IRS funding cuts that was agreed to as part of the debt ceiling agreement would result in $40.4 billion in lost tax revenue — adding to the federal budget deficit.
, the debt ceiling legislation headed for President Joe Biden’s desk “only creates topline numbers, baselines for future budget appropriations that have yet to be written.”
on Thursday that the funding “is critical to allowing the IRS to do one of its most important jobs: crack down on tax cheating by the extremely wealthy and by big corporations.”
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